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- Re: New Client Form 4562 Need Guidance
New Client Form 4562 Need Guidance
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katie
Level 3
03-30-2023
08:03 PM
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Client: MFJ
New client asking me to file his 2022 1040-SR.
He files Schedule E, for his rental home. Schedule E is linked to Form 4562.
My question is regarding Form 4562. I reviewed Form 4562 for tax years 2020 and 2021, he has amounts on Line 14 and on Line 17. I asked him if he had a schedule and he does not. How am I supposed to complete his return for 2022 without a schedule?
Please Help.
1 Comment 1
abctax55
Level 15
03-30-2023
08:17 PM
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Line 14 *could* be assets put in service in those years, and expensed 100% in the year of acquisition.
Line 17 is problematic. You should ask the prior preparer for the schedule (but if it's Laura, she won't give it to you).
Is line 17 the same for 2020 & 2021? If so, you could divide by 3.636% to get the (depreciable) basis of the rental, assuming it is residential rental property. This would only work if the only asset is real property, and it won't give a land value.
Does the client have any clue what s/he paid for the property and when it became a rental?
Also ask for prior years, as many as your client has to see if one of them has a depreciation schedule.
AND - discuss an extension as the deadline is close.
HumanKind... Be Both
